Commercial Office Leasing Guide

Office Leasing Guide WHAT YOU NEED TO KNOW BEFORE YOU SIGNColliers International Office Leasing Guide P. 1

THE OFFICE LEASING GUIDEThis step-by-step guide has been assembledto reflect Colliers International’s knowledgeof the leasing process. You’ll find informationon tenant improvements, common pitfalls,timelines and frequently asked questions.The knowledge in this handbook will helpyou make a major business transition withminimum disruption.P. 2 Office Leasing Guide Colliers International

Contents>4 ALLOW US TO INTRODUCE >7 THE OFFICE LEASING PROCESS > 13 DESIGN AND PROJECT OURSELVES Four steps to business productivity MANAGEMENT About Colliers International Create the space to meet your visitor >8 DETERMINE YOUR PROPERTY NEEDS>5 GETTING STARTED Take your requirement from notion to motion > 14 TRANSLATING THE LINGO Making educated decisions about Glossary of terms and frequently your business space asked questions > 10 EVALUATE MARKET ALTERNATIVES Inspect and compare your options>6 TOP 10 TENANT MISTAKES > 19 RELOCATION CHECKLIST Avoid these common blunders Your step-by-step guide in your leasing process > 12 COMMIT TO PREMISES Completing or varying your lease documentation; commencing the full design processColliers International Office Leasing Guide P. 3

Allow Us toIntroduce OurselvesABOUT COLLIERS INTERNATIONALWHO IS COLLIERS INTERNATIONAL? WHY ENGAGE OUR SERVICES?We are an award-winning team of office leasing Colliers International professionals are equipped with Working with Colliers professionals saves you theprofessionals with intimate knowledge of the local, the skills, knowledge and tools to intelligently assess time and confusion of dealing with multiple agents,regional and global leasing markets. We bring an your space requirements. We ensure that your leasing landlords or consultants.in-depth understanding of business needs and the decision—whether to stay or relocate—is informed by Our comprehensive database contains informationleasing process. both your business needs and a thorough market on every office listing, agent and landlord, providing evaluation.We are committed to creating a business solution exhaustive data about every opportunity that fitsthat meets your organization’s needs—now, and in Colliers International’s culture of knowledge-sharing your requirements.the future. Your office space is more than just an gives you access to experts in real estate management Our market knowledge provides forward-lookingaddress; it is where you make business objectives services, project management, appraisal and valuation, analysis to help you take advantage of trends, and wea reality. and capital markets. offer a single point of accountability for your project to connect all of the specialists available to serve you. We are committed to accelerating your success.P. 4 Office Leasing Guide Colliers International

Getting StartedMAKING EDUCATED DECISIONS ABOUT YOUR BUSINESS SPACEWHAT ARE MY OPTIONS? perception of your core values and elevate improvement costs should be viewed as an WHOM SHOULD I INVOLVE? your brand in the minds of customers and organizational opportunity—a well-plannedStay put Your internal steering committee should be other stakeholders. and executed office will adapt to yourIf your current space satisfies your business led by a senior employee, and supported by organization’s growth and changing needsneeds, but you are approaching the end of Employee Retention decision-makers and influencers including and minimize churn costs.your lease, consider renewing your lease. With an improved work space, you will boost human resources, IT, divisional heads andWe can help you ensure the space is avail- staff morale and productivity. Our market Balancing your tenant improvement costs and staff. A single point of contact from yourable, and negotiate a new lease with the research shows that even subtle changes in their benefit to your organization is critical. organization, matched with a single pointbuilding owner. the work environment create substantial In addition, “make good” commitments will of contact at Colliers International, is ideal gains in productivity, resulting in improved affect your cash flow when exiting a lease. to make the process run smoothly.Relocate bottom-line financial performance. These costs are covered in more detail later.The expiration of your lease offers you an You may wish to conduct a survey of youropportunity to transform your business and staff to determine their needs, preferredcreate new efficiencies by relocating. HOW MUCH WILL IT COST? WHEN SHOULD I START? work space amenities and location. Colliers can survey your staff to determine the impact Operational Costs Plan, Plan, Plan of relocation on commute times and employeeWHY SHOULD I RELOCATE? The negotiation of rent and tenant incen- Whether you decide to stay or go, knowledge retention. tives depends on the dynamics of your local is key. Understand your current situation,Business Needs market. In markets where over development review other options, assess the marketplace Professional real estate advice is a criticalIf your current space is too small, too large, or economic conditions have created higher context and negotiate with your current part of the project team. This will arm youor inflexible, a new office can energize your vacancy, this favors tenants. In other markets, landlord to optimize the end result. with insight into the marketplace, yourorganization and act as a springboard for low vacancy gives landlords the upper hand alternative options and the financial implica-improved productivity and operational cost The period required to conduct a lease in negotiations. Contact your Colliers tions of the stay or go scenarios. A skilledsavings. Additionally, market conditions may negotiation and relocate is three to six professional for the market trends in your workplace strategist and design profes-support the business case for relocation. months at a minimum. Depending on the location. sional will complete the team by providing size of your organization and currentBrand Value Enhancement knowledge of productivity-enhancing tenant Tenant Improvement and market conditions, you should begin thisThe quality of your building and the tenant improvements. “Make Good” Costs process 18 to 24 months prior to yourimprovements in your office space speak Your entry and exit strategy to a lease lease expiration. It can take two years orvolumes about your organization. A new can greatly affect the real cost of your more to complete the lease and relocationbuilding can strengthen your employees’ commitment. Workplace design and tenant process for large or complex assignments.Colliers International Office Leasing Guide P. 5

Top 10MOST COMMON MISTAKES MADE BY TENANTS>1 Beginning the negotiation of a renewal >5 Making inaccurate estimations of the >8 Agreeing to terms prior to obtaining or new lease too late company’s space requirements a space planning perspective>2 Lacking clearly defined business or real >6 Failing to leave enough time at the end of >9 Failing to allow for expansion space estate objectives the lease to fulfill “make good” obligations > 10 Lacking the knowledge of future>3 Focusing exclusively on financial costs >7 Acting too slowly once a decision is made, opportunities; often, the best deals and consequently missing out on are secured well in advance of space>4 Failing to appoint a project leader as opportunities becoming available the internal single point of contactP. 6 Office Leasing Guide Colliers International

The Office Leasing Process THREE STEPS TO BUSINESS PRODUCTIVITY STEP TWO: Relocate Confirm real estate requirement evaluation Brief preferred lessors Confirm development sites/existing building options and assess via inspections Begin offer/counter-offer process Short-list options, work with design consultant to evaluate space plan STEP ONE Choose Understand your business needs STEP THREE Fact Determine your property needsFinding Commit to new (or existing) premises Identify decision makers and confirm critical time path STEP TWO: Renew Complete new (or variation of) lease documentation Conduct requirement evaluation Confirm existing premises as most desirable opportunity Complete tenant improvement design and project management Produce real estate brief Brief existing lessor Evaluate market alternatives: Relocate or renew Confirm real estate requirement evaluation Work with design consultant to evaluate space efficiency Begin offer/counter-offer process Colliers International Office Leasing Guide P. 7

Step One DETERMINE YOUR PROPERTY NEEDS TAKE YOUR REQUIREMENT – Is your business growing If the workplace design happens solely FROM NOTION TO MOTION or shrinking? during the design and construction phase, only minimal gains are possible. Skipping the planning stage triggers a – What are your brand values? number of the Top 10 mistakes most – What are your preferred commonly made by office tenants. It INVOLVE KEY INTERNAL work settings? is crucial to understand your property DECISION-MAKERS requirements through the process of – What types of employees will Assemble a team with the breadth evaluation and forecasting. you have in the future? of skills to drive the project. Involve – What will your technology your experts in information technology, DETERMINE FUTURE NEEDS requirements be in three years? human resources and finance. They will be familiar with specific future trends Commercial leasing decisions should – Are you considering acquiring that may influence your requirements consider medium- to long-range business or merging with other firms? and decisions. Their involvement from goals for leases running three years or – What effect will moving have the outset will help clarify and focus more. Guided by professional workplace on your customers and staff? your brief and achieve internal buy-in. strategists and space planners, the process of constructing a real estate By working through this concept Be sure to appoint a project leader to brief to achieve your business objectives planning phase, you will achieve the connect with your internal stakeholders will consider questions including: maximum benefit—both financial as well as with your broker and and strategic—in the relocation or consultants. reconfiguration of your office space.P. 8 Office Leasing Guide Colliers International

CREATE A REAL ESTATE BRIEF An important element in developing this – Technical requirements KNOW YOUR LOCAL MARKET brief is to audit your existing premises— – Timing AND COMMITMENTSThe briefing process begins with the creating a clear understanding of what’s – Communications infrastructuredocumentation of your workplace During this phase, you should familiar- working, and what’s not. – Budgetrequirements. ize yourself with local office market – Environmental considerations conditions and existing lease commit- – Growth projections – Other unique needs WHAT SHOULD BE IN YOUR BRIEF? ments. By knowing the market vacancy – Office space size – Signage/naming rights rates, supply projections, current rental – Space configuration Your real estate brief should consider – Term/renewals rates and tenant incentives, you will be – Organizational vision a wide range of criteria: Consider ranking each factor in terms in a better position to evaluate various – Cost parameters – Size of space of importance, as you may have to proposals. – Timing – Tenant improvement needs compromise on some items, depending Your Colliers International leasingA well-prepared real estate brief will – Number of employees on the options available. You can also professional can provide you withsynthesise these elements and translate (maximum and minimum) assign a point value to each factor, with an office market presentation thatthem into your property requirements. – Image/quality/aesthetics more points possible for the factors describes these factors, both in yourThe brief will expedite your decision- – Location with greater importance. Your Colliers local market and in the specific sub-making process. You will save considerable – Parking professional can help guide you through markets you identify as most desirable.time by inspecting and reviewing only – Building services this evaluation process.suitable properties. – Office hours – Security and accessYour brief also creates a framework – Lease structure preferencesto evaluate and compare your options.Colliers International Office Leasing Guide P. 9

Step Two EVALUATE MARKET ALTERNATIVES. INSPECT AND EVALUATE YOUR OPTIONS. RELEASE YOUR BRIEF your stated business objectives. Colliers TO THE MARKET has developed a range of decision- making models and matrices. These To avoid dealing with multiple agents, tools dramatically improve efficiency you can request that your Colliers in the evaluation process. professional approach the market on your behalf. With an intimate knowledge of the market and a well-established FINANCIAL ANALYSIS network of agents and owners, Colliers There are several ways to compare the will act as a single point of contact to financial aspects of leasing, including: uncover all suitable space opportunities. Your real estate broker will also assist in – Gross effective rent per square foot discussions with your existing landlord – Gross stated rent per square foot regarding lease renewal options. – Gross and net rent per square foot – Total occupancy cost per employee EVALUATE AND PREPARE Further detail on these measurements A SHORT LIST is provided in the Frequently Asked Questions portion of this guide. When analyzing alternative premises, consider timing, financial and other Look beyond the square foot rate offered. incentives that may be offered. A lease Some office space is highly efficient, renewal option should include expansion enabling you to accommodate your and contraction costs, as well as the employees in less space. For example, cost of reconfiguring or completely you may require 5,000 square feet to refurbishing your work space. Aim for accommodate your staff in one building a short list of three or four properties. while another may be able to house them comfortably in 4,000 square feet. Evaluate options against your brief, In this instance, it does not make sense ensuring the property’s benefits match to compare the two options based onP. 10 Office Leasing Guide Colliers International

It is now a fundamental requirement that the office architecture supports the intellectual work demanded of employees and facilitates your organization’s continuous improvement strategies.their rate per square foot. It is more WORKPLACE DESIGN AND TENANT DETERMINE WORK SPACE – Conduct building services auditseffective to use a cost per employee IMPROVEMENTS EFFICIENCIES – Provide an opinion of likely tenantlease analysis model. It’s not all about cost. When evaluating By conducting a design site audit of improvement costsLease conditions such as “make good” your property options, don’t forget to the short-listed options, your workplacerequirements can also impact on the consider the intangible costs and designer will determine the work space TENANT IMPROVEMENT COSTSattractiveness of a particular option. benefits for each property option. efficiencies for each property. This(For more information on “make good” process also produces sample tenant Attaining a tenant improvement that is Your workplace designer can help youcosts, please refer to page 14.) improvement designs prior to your aligned with your organization’s ideal evaluate each option’s impact on staff agreement on terms enabling you to outcome depends on which components productivity and communication, corporate compare your options based on financial are viewed as necessary and what isCOMPARE YOUR OPTIONS USING identity, information technology, commu- and non-financial criteria. discarded during the design phase. It isA LEASE ANALYSIS MODEL nications performance and your customer critical that all aspects to be included in base. If appropriately engaged at step Your workplace designer will provide theColliers International has developed the tenant improvement are assessed one, your workplace designer will have following services during this criticala lease analysis model designed to to determine their contribution to the the maximum positive influence on your evaluation phase:compare leasing options on a financial overall objectives. workplace brief.basis, using an “apples to apples” – Prepare a detailed existing tenant Equally important is the identification andapproach. The model allows the com- In today’s challenging business environ- improvement audit evaluation of the potential componentsparison of proposals from multiple ment, it is critical that organizations look – Assess items suitable for re-use that are excluded. The identification oflessors, demonstrating the cost of the beyond the traditional view of office in the improved office space positive and negative components throughfinancial offer over the life of the lease. accommodation and the measurement the audit process provides the opportu- standards normally applied. – Manage the pre-design processThis financial modeling takes into nity to maximize the effectiveness of the including a review of local authorityaccount lease incentives, such as free Your work space must also contribute final result and minimize the cost of the approvals and code requirementsrent or a greater allowance for tenant to the development of team networks tenant improvement.improvements, the total rent over the life and organizational learning systems. – Prepare selected site auditsof the lease including rent hikes, and the In addition, the office systems must – Prepare a “stacking and blocking” planterm of the lease including extension support organizational change effi-provisions. ciently, and with minimal redundancy. – Prepare preliminary concept designsColliers International Office Leasing Guide P. 11

Step Three COMMIT TO PREMISES Completing or varying your lease process begins immediately. At this documentation; commencing the stage, you should have completed: full design process – Needs analysis – Space plan LETTER OF INTENT – Test fit Once the particulars of a lease agree- This will enable you to engage a ment are negotiated, both parties will designer, who may be the workplace sign a letter of intent. This document is designer, with accurate information generally not legally binding but is a regarding your requirements. The gesture of good faith that terms have sooner a designer is engaged, the been agreed. When signed, this document better the outcome. will be used to brief attorneys so that the It is vital that this stage is viewed as an final lease documents can be prepared. investment in the organization’s future and not merely a tenant improvement. WORKPLACE DESIGN ISSUES The development of work space should be directly linked with your organiza- When a lease agreement is complete, tional strategy. the workplace tenant improvementP. 12 Office Leasing Guide Colliers International

Step FourDESIGN AND PROJECT MANAGEMENTThe final stage of the process provides – Detailed construction timeline BID REVIEW PHASE – Project manage delivery programthe perfect opportunity to re-think office preparation – Determine agreed bid review panel – Project completion/occupationimperatives and promote organizational – Documentation for building ownereffectiveness, community, communication – Review and assess bid responses – Oversee practical completion and authoritiesand productivity. – Bid management and analysis – Timely issue of the Code – Stakeholder coordination of Compliance certificateDESIGN DEVELOPMENT AND CONTRACT ADMINISTRATION – Inspection and sign-offCONSTRUCTION APPROVAL DETAILED DESIGN AND DOCUMENTATION PHASE – Manage the delivery process – Manage the identification and– Engagement and full briefing of all and administer contracts completion of all outstanding other specialists and consultants – Preparation of documentation and defective works for a construction bid – Appoint all approved contractors– Commencement of detailed design and suppliers including head tenant – Cost reporting and final accounts – Finalize furniture selection– Development of finishes selection improvement contractor – As-built drawings, operating manuals, – Finalize the selection of tenant– Short list of furniture options – Coordination of all required meetings guarantees and warranties improvement finishes– Review of likely tenant – Coordination of quality control – Final inspection and completion – Obtain building and construction improvement costs inspections of works at the end of the defects permitting liability period – Cost and variation managementColliers International Office Leasing Guide P. 13

Translating the LingoGLOSSARY OF TERMSBUILDING CONSENT be offered in a variety of ways, such as areas dedicated as public spaces or thor- who occupy a floor. Average occupancyApproval from the relevant authorities for through a period of free rent, provision of a oughfares such as building service areas. ratios vary between 1:12 and 1:18 squarecarrying out building work on the premises, tenant improvement allowance, or moving feet per person. Gross Leasable Area (GLA)usually for tenant improvements. assistance. GLA (measured in square feet) is the floor space contained within each tenancy at each RATCHET CLAUSECAP AND COLLAR LESSEE floor level by measuring from the dominant A ratchet clause is the mechanism by whichA term and method used in some market That legal entity, company or person whose portion of the outside faces of walls, to the the rent cannot decrease on review. Therereview clauses. It is a mechanism that puts a name appears as the occupier or user of center line of the internal common area or are variations of ratchet clause (“full” or“cap” or maximum amount by which the rent space on the formal lease document, binding inter-tenancy walls. “hard” ratchet and “soft” ratchet). Under acan be increased, or a “collar,” the maximum the lessee to the terms and conditions stated soft ratchet, the rent can not fall below thethe rent can decrease, on the rental rate therein. Also known as the tenant. commencement rental. Under a full ratchet, MAKE GOODreview date. As the office leasing markets it can not fall below the current rental. The lessee’s obligation to return the premisesstrengthen, these review methods are more LESSOR to their original condition prior to expirationdifficult to negotiate. The party whose name appears as lessor on of the lease. RENT REVIEW the formal lease document. The lessor is the The method by which your rent can varyGROSS EFFECTIVE RENT landlord or owner of the property. during the term of the lease. This can be a NET, GROSS RENTThe rent payable under the lease accounting market rate review, a predetermined figure Net rent is also referred to as “Triple Net”for all incentives and including all building (such as 3 percent) or a rate fixed to an LEASABLE AREA or “NNN.” It is the rental rate excluding netexpenses. index such as the CPI. The review structure Net Leasable Area (NLA) taxes, insurance and maintenance. Gross is agreed prior to lease commencement. NLA (measured in square feet) is the rent includes these expenses. Most leasesGROSS FACE RENT floor space contained within each tenancy are based on net rents plus each tenant’sThe rent payable under the lease excluding between the internal finished surfaces of proportionate share of building expenses. RESOURCE CONSENTany incentives but including all building permanent internal walls and the internal Approval from the local governing authorityexpenses. finished surfaces of dominant portions of the with regard to zoning or changes in the OCCUPANCY RATIOS permanent outer building walls. It generally permitted use of the premises. A common ratio used to measure the tenant includes window frames and structuralINCENTIVE efficiency of individual building’s floor plates. columns, toilets, kitchens, cupboards andAn inducement offered by the landlord to This ratio is calculated by dividing the total excludes plant/motor rooms. It excludesattract tenants to the building. This can net leasable area by the number of peopleP. 14 Office Leasing Guide Colliers International

RIGHT OF RENEWALThe lessee’s right to renew a lease for anagreed period of time prior to expiration ofthe initial lease.SECONDARY EXPENSESAll other costs beside rent associatedwith insurance, operation, upkeep and/ormaintenance of the building, including airconditioning, elevator maintenance, commonarea cleaning, security and electricity.STATUTORY EXPENSESStatutory expenses include costs such asmunicipal rates, water and sewer rates andusage charges.SUBLEASE/ASSIGNMENTThe mechanism under the provisions of thelease allowing the lessee to find a suitablereplacement tenant. This is subject to lessorapproval and unless specifically stated, doesnot limit your legal responsibilities during theterm of the lease.Colliers International Office Leasing Guide P. 15

P. 16 Office Leasing Guide Colliers International

Frequently AskedQuestionsHOW CAN I NEGOTIATE THE BEST DEAL? building and grounds maintenance, taxes, if it could potentially compromise their ensures that the reviewed rental can be no common area maintenance and cleaning, financial position or security. less than either the previous year’s rental orBy carefully selecting the right properties on utilities and other expenses incurred by the commencement rental. The Consumer Priceyour short list, you can create a competitive landlord. Index (CPI), or a margin over CPI, is anotherenvironment to achieve the most favorable WHAT ADDITIONAL COSTS AM I common structure. Often, review clauseslease agreement. Your Colliers International RESPONSIBLE FOR OVER AND ABOVE include a combination of these during the termbroker can assist you throughout this process. WHAT ARE THE DIFFERENCES BETWEEN NET RENT AND OPERATING EXPENSES? of a lease. GROSS RENT, NET RENT, EFFECTIVE In addition to a pro-rata share of building RENT AND FACE RENT? Lessees will typically request a right ofHOW MUCH SPACE WILL I NEED? operating expenses, you will generally be renewal as part of the lease negotiation, GROSS RENT is the rent calculated inclusive responsible for electricity and other utilityThe amount of space you require will vary allowing them to extend their occupation of all building costs, whereas NET RENT is charges, light bulb replacement and cleaningdepending on the nature of your business beyond the initial lease term. It is normal to the rent calculated excluding building costs. your own premises.and the efficient use of space you select. set out the rent review pattern for this term FACE RENT is the quoted rental rate beforeAs a rule you will require roughly 12 to in the original lease document. taking into account incentives or increases,18 square feet of space per employee. WHAT ARE THE RENT REVIEW PATTERNS whereas EFFECTIVE RENT is the rental rate FOR THE TERM AS WELL AS THE averaged out over the term of the lease, WHAT IS A “MAKE GOOD” AND HOW RENEWAL PERIOD?ARE AMENITIES INCLUDED IN THE including consideration of rent-free periods MUCH WILL IT COST?NET LEASABLE AREA? or up-front incentives. Most lessors have a standardized lease A “Make Good” is your (the lessee’s) obliga- document for their buildings, including aYes, assuming you occupy a whole floor. The tion to return the premises to its original prearranged rental review schedule in lightamenities within the floor, such as restrooms WILL I BE ABLE TO SUBLEASE OR state upon completion of your lease, usually of the lessor’s own objectives and currentand kitchens, are incorporated within the net ASSIGN MY LEASE? excepting fair wear and tear of floor coverings market conditions.leasable area measured. Most commercial leases allow the lessee to If you are relocating, your workplace designer Typically, the two most significant influencing sublease or assign their premises. Typically, will usually be able to conduct the “make factors on rent review patterns are lease termWHAT ARE MY TOTAL REAL the lessor is unable to unreasonably withhold good” on your previous premises as well and the commencing rental. Rent review meth-ESTATE COSTS? consent to the sublease/assignment. A prudent as design and tenant improvement your ods may include fixed increases, structured lessor will consider the strength of the contract new premises.In addition to your net rental rate, you may increases or reviews to market levels (with being offered by the incoming tenant and willalso pay for operating costs such as insurance, or without a ratchet clause). A ratchet clause be reluctant to accept a sublease/assignmentColliers International Office Leasing Guide P. 17

WHEN DOES THE AGREEMENT BECOME various conditions are satisfied. The LetterLEGALLY BINDING? of Intent document provides a framework by which the agreement becomes unconditionalDuring a typical lease negotiation, leasing and both parties are legally bound.proposals are used as a medium to determineterms and conditions acceptable to both lessorand lessee. This will lead to a Letter of Intent HOW MUCH WILL MY TENANTdocument or Memorandum of Understanding IMPROVEMENT COST?outlining the final position of both parties. It This depends on the quality of tenantis accompanied by a leasing deposit, generally improvements you require. Factors in theequivalent to two months’ gross rent as a cost include the existing tenant improve-security deposit. This deposit is typically ments from the prior tenant, the quality ofheld in the leasing agent’s trust account to finishes selected, infrastructure needs suchbe passed over when the lease becomes as plumbing and wiring, and the complex-unconditional. ity of the requested build-out. Typically,At this stage, the agreement may be condi- landlords provide a tenant improvementtional. In some cases it may be conditional allowance and tenants are expected to payon lessee and/or lessor board approval, the difference between that allowance andtogether with other approval conditions. the actual cost of improvements.The lessee and/or lessor may not be legallybound to commit to the premises until theP. 18 Office Leasing Guide Colliers International

Relocation ChecklistA STEP-BY-STEP GUIDEPRELIMINARY r moving notices Mail Schedule and prepare agenda for your r r an emergency contact list for vendors Draft employee move orientation meeting such as elevator maintenance, buildingr Finalize lease for new location r Banks and financial institutions management, utilities, telecommunications Finalize seating plan and identify r Notify present landlord of termination dater r Clients and customers and moving company each location Advise staff of date and location of mover r Professional organizations Prepare labels for moving furniture r POST-MOVEr Engage designer for new premises r Credit accounts and credit cards and boxes to new locations Install and test telephone system r r Create a master change-of-address list r Insurance companies Assign move supervisors in each r department Distribute new phone list and map showing r r Accounts receivable and payablePRE-MOVE—GENERAL the locations of departments Develop a master relocation project schedule r r Newspaper and magazine subscriptions Install and test all computers r Reserve elevators and loading docksr Schedule and implement a clean-up program r r Telephone company and internet for moving day (purge files, dispose of trash) r a detailed walk-through of the premises Do service provider and report any damage to moving companyr Bid and award moving contract Schedule staff for unpacking, including r r Prospects and special services stocking supply cabinets, storerooms, file Transfer your insurance to the new location r r and award telephone and Bid r a meeting at new premises three Hold rooms, and removing tags from all furniture computer cabling Obtain Certificates of Insurance from your r weeks prior to move. Bring in all parties and equipment to ensure your company will be insurance company Inventory existing furniturer involved (design/construction/mover/cabling operational as rapidly as possible after move company/information technology specialist) r Confirm termination of old leasesr furniture and equipment on a color- Code Arrange for off-site storage of old files r to ensure all details are covered and all coded floor plan Collect parking passes, security cards and r responsibilities clear r contents of all filing cabinets and desks, Pack keys for the old facility. Confirm the returnr Audit keys ensuring everything is properly labeled Change locks/access codes on new r of any deposits held by the landlord for Order any new office furniturer premises as close to moving day as possible Arrange for staff to tour new premises a few r these items and equipment to secure access weeks prior to move r final invoices against contracts Audit Order new stationeryr Schedule public relations effort, including r Schedule post-move training for security, fire, r Complete and file all warranty information r r change-of-address forms with post File plans for news releases and an “office and life safety procedures at the new facility for all new furniture and equipment office and forward mail warming” party Distribute access cards and keys r Update fixed asset accounting system for r Check your insurance coverage for the mover Arrange for listing on lobby directory r for new premises any new furniture and equipment purchased of new building Obtain the Certificate of Occupancyr Confirm the change-of-address r r Arrange for post-move cleaning MOVING DAY and any other required permits or licenses corrections made Arrange with the building manager to have r Advise suppliers (telephone, bottled water,r Schedule press release and client r PRE-MOVE—INTERNAL the air conditioning on during the move coffee service) of new address announcement Organize a “staff moving committee” if r Remove computer equipment (server) and r r photocopier contractor Alert appropriate and delegate responsibilities phone system prior to arrival of movers and Decide on security procedures for the mover commence reinstallation at new siteColliers International Office Leasing Guide P. 19

www.colliers.comAccelerating success.This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content,accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss anddamages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). ©2010. All rights reserved.P. 20 Office Leasing Guide Colliers International

Commercial Office Leasing Guide

by Chris Fyvie on Sep 27, 2011

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